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missed our window for a mortgage

shopgirl771
shopgirl771 Posts: 38 Forumite
in Mortgages & endowments
myself and my partner are working towards getting a mortgage (hopefully). were currently sub prime and dont feel well be in a position for another 3-5 years. By this time hell be over 40 and ill be heading towards it.
I have savings from inheritance for deposits, its just a case of credit.
Ultimately we want to get a mortgage so we have something to leave our children.
my concern now though is that we may have missed our window on using a mortgage as an investment considering our ages. im hearing reports that banks are making it harder for over 40s to get mortgages and with the length of the mortgage too.
would we just be better off renting for life and doing something else with the inheritance i have?

Comments

  • amnblog
    amnblog Posts: 12,771 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    How do you know you cannot purchase as this time?


    What have you done to find out?
    I am a Mortgage Broker

    You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • stator
    stator Posts: 7,441 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    Being over 40 isn't a problem, what matters is how old you will be when the mortgage ends! So if you have a good income and could manage a 20 year mortgage, there shouldn't be a problem.
    Changing the world, one sarcastic comment at a time.
  • ACG
    ACG Posts: 24,746 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Ignore the reports. Its potentially an issue in that once you start to get to 45+ you are limited to a term of around 25 years (in the main).

    You say you have adverse but you do not say what you have, when its from and how much your deposit/income/purchase price is.

    Get your credit reports and speak to a broker - no harm in trying you might be able to get something now and potentially at normal rates. Peoples thoughts of bad credit varies massively - as do lenders views on it.
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • shopgirl771
    shopgirl771 Posts: 38 Forumite
    stator wrote: »
    Being over 40 isn't a problem, what matters is how old you will be when the mortgage ends! So if you have a good income and could manage a 20 year mortgage, there shouldn't be a problem.
    That what im worried about. 20yrs might be a big push.
  • kingstreet
    kingstreet Posts: 39,352 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    State pension age is 68 for those now aged under 40.

    You will have no problem getting a mortgage which runs until then
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
  • shopgirl771
    shopgirl771 Posts: 38 Forumite
    kingstreet wrote: »
    State pension age is 68 for those now aged under 40.

    You will have no problem getting a mortgage which runs until then

    this is true. hadn't factored age of retirement/pension.
This discussion has been closed.
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